HEPSS tax residency – (High Executive Possessing Specialist Skills)

This tax residency status is aimed at individuals with specialist skills, who come to work and live in Gibraltar. These individuals must earn more than £120,000 per annum.The rules for this form of residency can be summarised as follows:

Applicants must possess skills not already present in Gibraltar, their coming to Gibraltar must also help promote and sustain economic activity in Gibraltar.

Applicants must earn more than £120,000

Applicants cannot have been resident in Gibraltar for the three years immediately proceeding the application.

Hepss individuals must live in a Gibraltar qualifying property (similar to those of Category 2 residents).

The advantage of this form of tax residency is that taxation is limited to the first £120,000 of assessable income. This equates to a maximum tax payable of £29,940 (an effective rate of 24.95%). The capping of tax is calculated as follows:

Income

Tax rate

Tax

£

%

£

17,000

16

2,720

8,000

19

1,520

15,000

25

3,750

65,000

28

18,200

15,000

25

3,750

Capped income

120,000

Total tax

29,940

Effective rate

24.95%

If you are a business looking to relocate to Gibraltar and wish to apply for this status for your employess, please do not hesitate to contact us: info@category2.com for futher information.

Disclaimer

The contents of this website is for general information only and does not constitute legal or other professional advice. We always recommend that you seek such advice before any action or inaction. Every care has been taken to ensure that the information given is accurate, however we cannot accept responsibility for any consequences whatsoever arising out of reliance upon the information contained on this website.
For further information on the use of this website please see our terms and conditions